Murray-based FinWise Bancorp, parent company of FinWise Bank, has announced the launch of its initial public offering of common stock. The company is offering 3,571,429 shares and a current shareholder is offering 558,030 shares. The underwriters will have a 30-day option to purchase up to an additional 535,714 shares of common stock, a company release said.
The initial public offering price is currently expected to be between $13 and $15 per share, the release said. The common stock is expected to trade on the Nasdaq Global Market under the symbol “FINW.”
FinWise intends to use the net proceeds from the offering to fund organic growth, continue the buildout of operating infrastructure and for general corporate purposes, which could include future acquisitions, maintenance of required regulatory capital levels and other growth initiatives. The company has no current plans, arrangements or understandings relating to any specific acquisition or similar transaction.
FinWise Bancorp is a Utah bank holding company that operates through its wholly owned subsidiary, FinWise Bank, a Utah state-chartered non-member bank. FinWise currently operates one full-service banking location in Sandy and a loan production office in Rockville Centre, New York. FinWise is a nationwide lender and takes deposits from consumers and small businesses.